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US issuers and insurance companies could benefit as Moody’s relaxes parts of its approach
Investors attracted by relative value versus loans but are not blind to risk
Floridian manager registered the vehicle in Ireland with article 8 SFDR classification
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Firms across Europe are clamouring for crisis funding but while debt advisory bankers have joined the frontline in finding solutions some admit they may struggle to cope with the sheer scale of the challenge, writes David Rothnie. -
HPS Investment Partners is providing a super senior loan of £70m to troubled UK casual dining chain Pizza Express, paying back borrowing from owner Hony Capital and bank creditors, but pushing the bondholders' 6.625% £465m secured bonds down the recovery waterfall.
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China Huiyuan Juice Group is contemplating a restructuring to improve its liquidity position, after failing to avoid a bond default due to the Covid-19 outbreak. The company is also facing a delisting from the Hong Kong Stock Exchange.
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Chinese issuer Shandong Ruyi Technology Group Co missed an interest payment on a Rmb1bn ($143m) domestic bond on Monday, just days after holding a bondholder meeting.
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Xinjiang Guanghui Industry Investment (Group) Co has priced $59m of new bonds as part of an exchange offer. It received lukewarm response for the transaction, with existing investors of less than a fifth of the original deal agreeing to roll over.
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The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.
